One of the more common questions that we have received lately is how to build mortgage calculators in excel. It’s actually fairly easy to do but it depends on how much complexity you add of course. Using the “PMT” excel function will help you but what if you want to test the mortgage payment amount depending on the frequency of your payments, on the amount you will borrow, on the rate and of course on the length of your mortgage? it’s all possible. In this spreadsheet (link below to download it for free), I used nested if statements in order to determine the number of periods based off of the frequency of payments and the rate to use. It is fairly easy to go through, here is an image:

-House Price
-Down payment
-Mortgage time length
-Fixed Rate
-Payment frequency (since we used “if” conditions, the frequency must be entered as described on the right)

Depending on the frequency, I will determine the number of periods. Why? Because if you pay every month, you will not be charged interest on the capital that you paid back the following week. That is why it makes such a big difference to pay a mortgage bi-weekly compared with monthly (that and the fact that you actually have more payments because of the 30 or 31 days per month!).

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